Hi
For all in the UK trading is Tax Free, however, if this was your full time job surely Mr Taxman would like to take some money from you somehow.
Does anyone know if he can touch any of it or would we need to declare ourselves as self-exployed?
Cheers 
Hi Jay
unfortunatly you are incorrect with regard to the tax situation in britain. Trading is not tax free in the UK. There is a loophole within the betting and gaming industry that profits from gambling are free of tax to the gambler. If you bet on forex (Trade) via a spread bet company with your own money and on your own behalf with no financial interest from any other party, then currently you will not be liable to tax on your gains
Just to add if you are trading rather then spreadbetting, there is a capital gains allowance of around 10k per year which you should use, assuming you’ve not sold a second property or stocks or anything else which they tax.
N
loophole is what I meant
Cheers for your responses
Interesting. I wasnt aware of that.
Spread betting is currently tax free, however I think that if it is your sole source of income then it might be taxable. Don’t take my word for it though:
financial-spread-betting.com/Tax-free.html
As Spread betting is classed as ‘gambling’ normal income tax rules don’t seem to apply.
There’s forex and gambling again in a 3rd thread now…
What are the odds of that?! 
That’s my accountant’s interpretation of it too.
I was talking to them about this very subject earlier this month & was told that as long as I continue to validate a primary income stream, then any profits received from spread betting would be classed as tax free.
However, if profits received from spread betting form the only means of income then audited accounts will need to be submitted to the revenue in the normal way.
And that came from one of the partners who previously held a senior inspectors position at the revenue.
I would luv to have that problem to pay tax or not:)